What is iA Financial Group ?

Founded in 1892, Industrial Alliance or iA Financial Group is among the largest wealth management and insurance groups in Canada and in North America in general. Its headquarter is located in Quebec.  

In the Canadian market, iA Financial Group has four main units: Individual Insurance and Individual Wealth Management; Group Insurance and Group Savings and Retirement. In Quebec only, it has a subsidiary which is iA auto and home insurance. Besides, it also has operations in the US, providing individual insurance and dealer services.

According to the latest statistics in 2020, iA Financial Group has served over 4 million clients, with 8,100 employees and 25,000 representatives. iA Financial Group has $210.5 billion in assets and $5.9 billion in terms of market capitalization. The corporation is ranked as the 5th largest Canadian insurance provider, making up 10% of the individual insurance market share.

Source: https://en.wikipedia.org/wiki/IA_Financial_Group

iA Financial Insurance Products

iA Financial Group offers a wide range of insurance solutions for individuals and families, including:

Life Insurance

• Term Life – Provides temporary coverage for a set period of time. iA offers highly flexible and customizable term life.
• Permanent Life – Provides lifetime protection. Options include whole life, universal life, and participating life.
• Mortgage Insurance – Provides coverage for your mortgage loan in case of death.

Living Benefits

• Disability Insurance – Replaces lost income if injury or illness prevents you from working.
• Critical Illness Insurance – Pays out a lump sum upon diagnosis of a covered critical disease.
• Long-Term Care Insurance – Covers costs of an extended care facility or home care.

Health Insurance

• Supplementary Health – Helps cover medical costs not covered by government health insurance.
• Health Spending Account – Covers a wide range of medical expenses using tax-free savings.
• Dental Insurance
• Vision Insurance

Property & Casualty Insurance

• Home Insurance – Protects your home and possessions from loss or damage.
• Auto Insurance – Covers costs related to your vehicle, like repairs, injuries, and liability.
• RV, Boat, and Motorcycle Insurance – Policies for specialty vehicles and watercraft.

Below, we’ll examine iA Financial’s key insurance offerings, features, and sample pricing in depth.

iA Financial Term Life Insurance

iA Financial offers highly flexible and customizable term life insurance that provides temporary coverage for 10 to 40 years.

Their main term products include:

Pick-A-Term

• Choose any term length from 10 to 40 years.
• Coverage up to $10 million is available.
• No medical exam is required.
• Level or decreasing premiums.

Access Life

• Simplified issue, no medical exam required.
• 10, 15, 20 or 25-year terms.
• Up to $500,000 coverage.

Traditional 10 or 20-Year Term

Some key advantages of iA Financial term life insurance:

• Unique Flexibility – The pick-a-term option provides unmatched flexibility in choosing any term length between 10 and 40 years. This allows you to tailor the policy to your specific financial needs and responsibilities.
• Guaranteed Renewable – Policies are guaranteed renewable up until age 71 without any medical underwriting.
• Convertible – Can convert to permanent insurance up to age 71 without needing to qualify medically again.
• No Exam Options – Products like Access Life make it easy to get coverage without any medical exam.
• Large Coverage – Can get up to $10 million in term life coverage depending on your needs.

Here are sample monthly premiums for iA Financial Pick-A-Term life insurance:

Age	Gender	Non-Smoker	20-Year Term
30	Male	Yes	$41
50	Male	Yes	$150
30	Female	Yes	$27
50	Female	Yes	$120

And for Access Life simplified issue term insurance:

Age	Gender	Non-Smoker	15-Year Term
30	Male	Yes	$36
50	Male	Yes	$203
30	Female	Yes	$24
50	Female	Yes	$162

iA Financial Permanent Life Insurance

For lifelong protection, iA Financial offers a range of permanent life insurance options including:

Whole Life

• Guaranteed level premiums for life.
• Predictable, stable cash value growth.
• Coverage up to $10 million.

Universal Life

• Combine permanent coverage with investment features.
• Premiums can be flexible.
• Two options: Genesis UL and EquiBuild UL.

Participating Life

• Offers dividends to reduce premiums or build cash value.
• Create a financial legacy for heirs or business succession.
• Available for 10, 20-year terms or to age 100.

Benefits of iA Financial permanent life insurance:

• Lifelong Coverage – Keep protection without expiration, which is guaranteed.
• Level Premiums – Rates are locked in and won’t increase with age.
• Living Benefits – Can access cash value if needed during life.
• Tax-Advantages – Death benefits are tax-free to beneficiaries.
• Guarantees – Guaranteed death benefit, subject to premiums being paid.

Here are sample monthly premiums for a $500,000 whole-life policy:

Age	Gender	Non-Smoker	Premium
30	Male	Yes	$44
50	Male	Yes	$143
30	Female	Yes	$36
50	Female	Yes	$109

And for the Genesis universal life plan:

Age	Gender	Non-Smoker	Premium
30	Male	Yes	$56
50	Male	Yes	$211
30	Female	Yes	$46
50	Female	Yes	$167

iA Financial Disability Insurance

Disability insurance provides financial protection if injury or illness prevents you from working. iA Financial offers comprehensive disability policies including:

• Short-term Disability – Replaces income for up to 2 years.
• Long-term Disability – Benefits after 90 days until retirement age.
• Disability Creditor – Covers debts like mortgages, loans, and credit cards.

Key benefits include:

• Monthly Income – Choose benefits from $500 to $10,000 per month.
• Own Occupation – Qualify if unable to perform your specific job.
• Partial Disability – Receive partial benefits if partially disabled.
• Presumptive Disability – Don’t have to prove income loss for certain conditions like loss of sight.
• Survivor Benefit – Additional lump sum payment to beneficiaries if death occurs while disabled.

Sample monthly disability insurance rates from iA Financial:

Age	Gender	Benefit Amount	Premium
30	Male	$2,500	$37
45	Male	$5,000	$145
30	Female	$2,500	$32
45	Female	$5,000	$125

iA Financial Critical Illness Insurance

Critical illness insurance provides a lump sum payment if diagnosed with a covered condition. iA Financial critical illness offerings include:

Transition CI

• Coverage for up to 25 conditions.
• 10, 20 or 25-year terms.
• Up to $2.5 million coverage.

Cancer Guard

• Specified coverage for cancer diagnosis.
• 10, 20 and 25-year terms.

Some key advantages of iA Financial critical illness insurance:

• Flexibility – Range of term lengths and maximum amounts to suit different needs.
• Conditions Covered – Comprehensive coverage for the most common critical illnesses.
• Living Benefit – Lump sum payment can be used for any purpose.
• Return of Premium – Refund option if there is no claim before the end of the term.

Here are sample monthly premiums for $100,000 of 20-year critical illness coverage:

Age	Gender	Non-Smoker	Premium
30	Male	Yes	$26
50	Male	Yes	$108
30	Female	Yes	$21
50	Female	Yes	$86

iA Financial Mortgage Insurance

iA Financial offers mortgage insurance products to cover your outstanding mortgage loan in case of death or disability.

Mortgage insurance can cover mortgage amounts up to $1 million, typically for terms of 10, 15, or 20 years.

Some key benefits:

• Pays off mortgage balance upon death
• Covers monthly payments if disabled due to accident or illness
• Available even with pre-existing medical conditions
• Quick underwriting process; no lengthy medical exams

Sample monthly premiums:

Age	Gender	$200,000 Mortgage
30	Male	$28
45	Male	$49
30	Female	$24
45	Female	$44

iA Financial Home Insurance

iA Financial offers comprehensive home insurance to protect against damage and losses to your home and possessions.

Policies include coverage for:

• Fire, smoke, lightning, windstorms, hail, etc.
• Theft, vandalism, and other criminal acts
• Water damage from floods, sewer backup, appliances
• Personal liability protection

Optional add-ons include:

• Guaranteed replacement cost for rebuilding home
• Identity theft protection
• Roadside assistance
• Water backup coverage

Sample monthly home insurance premiums:

Dwelling Limit	Contents Limit	Premium
$300,000	$100,000	$125
$500,000	$250,000	$210

iA Financial Auto Insurance

iA Financial provides auto insurance to cover costs related to your personal or commercial vehicle.

Standard coverages include:

• Collision and comprehensive damage
• Liability protection for property damage and injuries
• Accident benefits for medical/rehab
• Uninsured motorist coverage
• Roadside assistance

Optional add-ons can include rental reimbursement, new vehicle replacement, and windshield protection among others.

Sample monthly auto insurance premiums:

Driver Profile	Vehicle	Premium
35-year-old male	2015 Honda Civic	$180
50-year-old female	2019 Toyota RAV4	$220

How Much Does Life Insurance from Industrial Alliance Cost?

The cost of life insurance in Canada from Industrial Alliance depends on several factors, such as age, gender, health status, lifestyle, policy term length, and coverage amount.

Here are some sample monthly costs for term life insurance from iA for healthy non-smokers:

20-Year Term, $500,000 Coverage

Age	Gender	Monthly Premium
30	Male	$41
50	Male	$150
30	Female	$27
50	Female	$120

10-Year Term, $250,000 Coverage

Age	Gender	Monthly Premium
35	Male	$33
45	Male	$82
35	Female	$23
45	Female	$58

$1 Million Coverage

Age	Gender	Monthly Premium
30	Male	$56
50	Male	$161
30	Female	$41
50	Female	$116

For permanent life insurance, monthly costs are higher due to lifelong coverage. Here are some sample whole-life premiums from iA:

Whole Life, $500,000 Coverage

Age	Gender	Monthly Premium
30	Male	$44
50	Male	$143
30	Female	$36
50	Female	$109

These premiums demonstrate that iA offers competitive but not the cheapest life insurance rates. Getting quotes from multiple insurers is wise to find the best value based on your age, needs, and health status. Speak to an advisor or use an online comparison tool to compare iA costs to other top life insurance providers

iA Financial Group Ratings and Reviews

iA Financial enjoys strong financial ratings but mixed customer service reviews based on research from industry experts and online reviews.

• A+ (Superior) rating from A.M. Best – This indicates excellent financial strength.
• 4th largest life insurance company in Canada by premiums.
• Approximately 1.8 out of 5 stars based on policyholder reviews on sites like InsurEye – While some positive reviews cite quick claims payment, common complaints include poor customer service and lack of responsiveness.

Here are examples of positive and negative feedback on iA Financial from online customer reviews:

Positive iA Financial Reviews

• “My claim was pretty fast and done smoothly; I had no issues or problems.”
• “Very responsive to claims and customer service. Definitely recommending to Canadian families.”

Negative iA Financial Reviews

• “Won’t pick up the phone, will not reply to your emails. Delays in processing requests.”
• “I tried to cancel the application right away, and they would not reply to me. They took money before approving.”

While financial stability is strong, customer service seems to be mixed, so it’s wise to shop around and compare insurers.

Pros of iA Financial Insurance

Flexible and Customizable Policies

• IA offers highly customizable term life insurance, with the unique Pick-a-Term option allowing any length between 10 and 40 years. This flexibility is rare in the Canadian insurance market.
• Many policies allow add-ons like critical illness and disability riders to tailor coverage.
• Permanent and universal life plans offer options to adjust payment schedules and death benefits.

Wide Range of Insurance Offerings

• iA provides extensive insurance solutions spanning life, health, disability, critical illness, home, and auto.
• For businesses, they offer versatile group benefits packages.
• Specialized products are available like mortgage insurance and coverage for RVs and boats.

Strong Financial Ratings

• iA Financial has maintained an A+ (Superior) rating from A.M. Best for over 20 years.
• As one of Canada’s largest insurance companies, iA has over $86 billion in assets backing its policies.
• The company has been in business for over 125 years since 1892.

No Medical Exam Options

• iA offers simplified-issue term and permanent life insurance that does not require a medical exam for qualification up to coverage limits.
• Quick underwriting helps provide coverage faster for convenience.

Online Account Management

• iA provides an online customer portal to manage your policy.
• You can also submit claims electronically through the portal.

Cons of iA Financial Insurance

Price Can Be Higher Than Competitors

• iA Financial’s rates are competitive but not necessarily the most affordable in all cases.
• For some ages and coverage amounts, other insurers may offer lower premiums.

Mixed Reputation for Customer Service

• Customer reviews are mixed when it comes to iA’s customer service, claims processing, and responsiveness.
• Reported issues include delays in communications and some difficulties cancelling.

Primarily Paper Policy Documentation

• iA still relies mainly on paper policy documentation without extensive ePolicy options.
• Some customers may prefer entirely digital policy management.

Limited Online Claims Submission

• Only certain types of claims can be submitted electronically. Others require paperwork.
• The online claims process has room for improvement in terms of convenience and speed.

So in summary, iA Financial offers advantageous flexibility but shopping around for quotes and reviews is wise given potential cost and service considerations.

Is iA Financial Group Right for You?

iA Financial Group is a great option for Canadians looking for a solid provider with flexible insurance products spanning life, health, home, auto, and more. The unique ability to customize term lengths and build tailored coverage is a key advantage.

However, if you are primarily focused on finding the absolute lowest cost insurance or want top-notch customer service, then it is wise to shop around and compare quotes from other leading insurers.

In summary, iA Financial insurance makes sense for:

• Those who value flexible, customizable coverage.
• People seeking a company with strong financial ratings.
• Anyone needing specialized policies like mortgage or disability insurance.

Before choosing iA Financial or any insurer, make sure to compare quotes to find the best rates and service for your particular situation. 

How to Get an iA Financial Quote and Apply

There are a few different ways to get a quote and apply for insurance coverage through iA Financial Group.

Get a Quote Online

The easiest way is to get an instant quote online through iA Financial’s website or an insurance comparison site.

On iA Financial’s website, you simply enter some basic personal and coverage details like age, smoking status, type of insurance needed, and desired amount of coverage. You’ll then instantly receive a quote for premium estimates.

Using an insurance comparison site allows you to enter your details once and see quotes from iA Financial and over 20 other top insurers. This allows you to easily compare rates.

The online quote process provides quotes in a matter of minutes without any obligation.

Speak with an iA Advisor

You can also speak with an iA Financial advisor over the phone to receive personalized quotes and advice for your specific insurance needs.

The iA advisor will gather details on your age, health, lifestyle, assets, and financial situation. They will then provide quotes on applicable insurance products and amounts that make sense for you based on your individual circumstances and goals.

This one-on-one assistance can help match you with the ideal coverage options. Just keep in mind that advisors may be incentivized to sell certain products.

Meet with an iA Insurance Broker

Finally, you can meet with an independent iA insurance broker. The broker is your representative and will shop quotes with various insurance companies to find the best rates.

Meeting in person allows the broker to fully understand your unique situation. They can then leverage their expertise to identify the right iA Financial insurance solutions for you across the company’s range of life, health, home, and auto insurance offerings.

Applying for Coverage

Once you’ve received a quote, you can complete a full application online, over the phone, or by meeting with an advisor/broker to submit paperwork.

The application process will require more detailed information and involve underwriting. Depending on your age and coverage amount, you may need to complete some medical history disclosure and possibly a paramedical exam.

Be sure to ask what documents need to be signed and submitted as part of the application process. iA Financial will then review and provide a final decision on your application.

Getting quotes in advance allows you to shop policies and premiums before committing to full underwriting. Reach out to iA Financial today to start the quoting and application process.

Read more: Applying for Life Insurance in Canada

The Bottom Line

To put it short, iA is a very trustable insurance company in Canada. They have a wide range of selections for customers and a solid financial capacity. If you are interested in purchasing a policy from iA, you can consult one of its representatives such as Insurance Direct Canada for more personalized advice, quotes.

We hope this comprehensive review has provided useful information to evaluate if iA Financial Group insurance may be suitable for your needs. The company offers a diverse range of policies with flexible features and options. Just be sure to compare costs and services to other insurers. With the right policy from the right provider, you can have peace of mind knowing your most important assets are protected.

There are many good insurance companies in Canada, you can take a look at our reviews for Manulife insurance, Canada Protection Plan, BMO life Insurance, TD Insurance Canada, Wawanesa life insurance, National Bank Insurance, Wawanesa Life Insurance, Equitable Life of Canada, etc before making the final decision to go with one.

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